Frasers Logistics and Comm Trust - I think she is trading at an interesting price level!

FLCT has a portfolio comprising 107 logistics and commercial properties worth approximately S$6.9 billion, diversified across five major developed countries – Australia, Germany, the United Kingdom, Singapore and the Netherlands.

FLCT’s investment strategy is to invest globally in a diversified portfolio of income producing properties. With strong connectivity to key infrastructure, FLCT’s modern portfolio consists predominantly of freehold and long leasehold land tenure assets with a well-diversified tenant base.

REITS FLCT

Key strategies

Strategy for Value Creation

FLCT is one of the largest REITs in Singapore with a flagship portfolio of 105 properties in five developed countries. The REIT Manager seeks to harness FLCT’s competitive advantages to deliver stable and regular distributions to unitholders and achieve sustainable long-term growth in DPU.

 

 

Acquisition growth

We will continue to source and pursue strategic asset acquisition opportunities of quality properties which provide attractive cash flows and yields that need FLCT's investment mandate. In doing so, we seek to generate stable and growing income streams which will enhance returns to Unitholders. It is our strategy to evaluate investment opportunities in global markets, with focus on FLCT's key markets, where we can leverage on existing on-the-ground management expertise. A measured approach will be taken when evaluating acquisitions which meet FLCT’s investment mandate.

 

Backed by a strong and established Sponsor, Frasers Property, FLCT is able to leverage on the Sponsor’s strong network and pipeline of quality assets, and also enjoys a Right of First Refusal (“ROFR”) arrangement from the Sponsor. Furthermore, FLCT has the potential to tap into growth opportunities from the Sponsor’s property development pipeline. We carefully assess opportunities that may arise under the ROFR for assets injection, typically when rental income generated by these properties has stabilised, among other factors.

We proactively manage FLCT’s asset portfolio to enhance operational performance, allowing us to optimise the cash flow and value of our properties. 

A disciplined and frequent review of asset strategies, involving monitoring market trends; development, occupier and investment dynamics; and a thorough analytics and valuation process, allows us to adjust strategies to take advantage of opportunities and maximise returns. Where appropriate, this may involve divesting and recycling non-core assets. 

Our asset managers, when possible, deliver AEIs which are income and value accretive. Similarly, active tenant engagements underpin a significant component of our asset management operations. By leveraging our strong customer relationships and understanding our customers’ business operations, we are able to identify initiatives to better service our customers and provide solutions for greater efficiency and functionality of the properties. In doing so, we seek to achieve healthy tenant retention rates and reduce lease expiry concentration risks. 

 

This allows FLCT to provide Unitholders with the security of income and access to organic growth from built-in rental increments, even though different stages of the economic cycle.

NAV 1.276. Yearly dividend of about 7.29 cents,  yield is about 5.9%. Chart wise, bearish mode! I think likely to go down to test 1.19-1.20.  Next support is 1.15. Not a call to buy or sell! Please dyodd. 

AEM - Results is out! Net profit is down 76% to 19.715m, Total revenue is down 49.1% to 275m

 Results is out! Net profit is down 76% to 19.715m, Total revenue is down 49.1% to 275m.

AEM reports revenue of S$275.2M and profit before

tax of S$23.9M for 1H2023

EPS of 6.33 cents is down 76% from 26.57 cents.

Interim dividend of 3.6 cents versus 5 cents last year.

• The Group posted revenue of S$275.2 million in 1H2023, with profit before

tax of S$23.9 million over the same period.

• The Group has updated its FY2023 guidance to be between S$460 million

to S$490 million on the back of a pushout of next generation devices.

• Customer traction for the Group’s Test 2.0 solutions continues to grow with

confirmed initial orders from an additional new leading application

processor customer, and an expansion of AEM’s engagement with a

previously announced memory customer.

• The Group continues to grow its technology leadership and has been

awarded two additional patents related to its thermal control technology.

• Following 1H2023, AEM announced a US$20 million settlement of the

confidential arbitration and will recognise the impact in 3Q2023.

I think Cash Flow is negative. Cautious mode.

Business Outlook:

The Group has revised its revenue guidance for FY2023 from a target of S$500 million to a

range between S$460 million to S$490 million on the back of reduced test capital equipment

utilisation levels across the industry and delays in current customer device release schedules.

The past several quarters have seen the industry going through a period of inventory digestion.

Industry players have looked to weather the storm by delaying their roadmap device releases,

reducing their capex spend, and renewing their focus on operational efficiency. Although the

slowdown has resulted in a short-term reduction in demand for new test capability and

capacity, it has provided test development groups the breathing room to plan and devise their

test strategies for the AI-fuelled boom that will help drive the industry to a trillion-dollars.

AEM’s Test 2.0 paradigm is at the forefront of test solutions for next generation advanced logic

devices, including high-performance compute, given the Group’s unmatched capability in

thermal and Device Under Test (DUT) power.

While the inventory digestion is expected to continue through 2023, the Group believes it is

well-positioned to take advantage of the semiconductor volume growth that is expected to

return to the semiconductor industry in 2024.

As the Semiconductor World embraces chiplet technologies that bring computing and high

bandwidth memory blocks closer and even stacked on top of each other, the need to test and

assure performance over the lifetime of those ICs have become more complex and costly. The

need to rethink how chiplets are tested is now acute and represents a market inflection. AEM’s

disruptive solutions have been at the core of its customer engagements for the past several

years. At AEM, we call it Test 2.0.

AEM’s CEO, Chandran Nair, commented, “At AEM, we are laser-focused on the future and

enabling our customers to embark on their Test 2.0 journey by leveraging our solutions

throughout their test flows and preparing them for the challenges they will face in an AIfocused world in the years to come.”

About AEM Holdings Ltd.

AEM is a global leader in test innovation. We provide the most comprehensive semiconductor

and electronics test solutions based on the best-in-class technologies, processes, and

customer support. AEM has a global presence across Asia, Europe, and the United States. With

manufacturing plants located in Singapore, Malaysia (Penang), Indonesia (Batam), Vietnam (Ho

Chi Minh City), China (Suzhou), and Finland (Lieto), South Korea, and the United States (San

Jose) and a global network of engineering support, sales offices, associates, and distributors,

we offer our customers a robust and resilient ecosystem of test innovation and support.

AEM Holdings Ltd. is listed on the main board of the Singapore Exchange (Reuters: AEM. SI;

Bloomberg: AEM SP). AEM’s head office is in Singapore.

Chart wise, I think 3.00 may come back again!

Not a call to buy or sell!

Please dyodd.

Wilmar Intl - Results is out Net profit is down 52.7% to 550m, Total Revenue is down 10% to 32538m

 Wilmar Intl  - Results is out Net profit is down 52.7% to 550m, Total Revenue is down 10% to 32538m.

Declared same interim dividend of 6 cents. 

Lower contribution from Food and Feed and I industrial products despite higher sales volume. 

Free cash flow of 1.89b.

I think the results is not bad!

Let's see how she fares next week!

Please dyodd.

 Looks like she has managed to bounce-off from the low of 3.59 and rises higher to close well at 3.81, looks rather interesting!

Short term wise  I think she may rise up to test 3.90. If it cannot stay above 4.00 then high chance it may roll down again! 

Let's monitor and see how it turns out!

Results is due on 11th August. 

Pls dyodd.

 Indeed,  she has come down to cover the Gap at 3.59. Looks rather interesting!

I think high probability we may see a rebound!

At 3.59, yield is about 4.73%. I think yield is quite decent! To get 5% yield, we will need to wait for 3.40 to come back! 

Please dyodd.

 Wah, looks like she is falling down to test 3.75 level soon! 

If 3.75 cannot hold, next , she might be going down to fill the Gap at 3.59.

Please dyodd.

 Wilmar International Limited, founded in 1991 and headquartered in Singapore, is today Asia’s leading agribusiness group. Wilmar is ranked amongst the largest listed companies by market capitalisation on the Singapore Exchange.

At the core of Wilmar’s strategy is an integrated agribusiness model that encompasses the entire value chain of the agricultural commodity business, from cultivation and milling of palm oil and sugarcane, to processing, branding and distribution of a wide range of edible food products in consumer, medium and bulk packaging, animal feeds and industrial agri-products such as oleochemicals and biodiesel. It has over 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries and regions. Through scale, integration and the logistical advantages of its business model, Wilmar is able to extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies. 

Supported by a multinational workforce of about 100,000 people, Wilmar embraces sustainability in its global operations, supply chain and communities. 

An Expanding Global Footprint:

From its humble beginnings, Wilmar has today become a global leader in processing and merchandising of edible oils, oilseed crushing, sugar merchandising, milling and refining, production of oleochemicals, specialty fats, palm biodiesel, flour milling, rice milling and consumer pack oils:

• Largest edible oils refiner, specialty fats and oleochemicals manufacturer as well as leading oilseed crusher, producer of consumer pack oils, flour and rice and one of the largest flour and rice millers in China
• One of the largest oil palm plantation owners and the largest palm oil refiner and palm kernel and copra crusher, specialty fats, oleochemicals and biodiesel manufacturer in Indonesia and Malaysia
• Largest producer of branded consumer pack oils in Indonesia
• Largest branded consumer pack oils, specialty fats and oleochemicals producer and edible oils refiner as well as leading oilseed crusher, sugar miller, refiner and ethanol producer in India
• One of the largest investors in oil palm plantations, one of the largest edible oils refiners and producers of consumer pack oils, soaps and detergents as well as third largest sugar producer in Africa
• Largest raw sugar producer and refiner, a leading merchandiser of consumer brands in sugar and sweetener market and largest manufacturer of bread, spreads and sauces in Australia
• Leading refiner of tropical oils in Europe.

First quarter 2023 Financial No. update :

The Group reported net profit of US$391.4 million and core net profit of US$381.9 million for the quarter, with stronger sales volume recorded in both Food Products and Feed & Industrial Products segments. Excluding the gain on dilution of interest in Adani Wilmar Limited of US$175.6 million recognised in 1Q2022, the Group reported a growth in net profit of 10.3%, while core net profit grew by 16.5% during the quarter. 

Despite the challenging operating conditions, the Group managed to deliver a satisfactory set of results for 1Q2023. Higher volume of sales was achieved across all businesses. Sugar milling and merchandising did well with higher sugar prices. Oilseed crushing did better due to higher volume and good coverage of raw materials. Food Products segment saw an overall increase in volume of sales, largely due to higher medium pack and bulk products sales, particularly in China. Plantation profit was reasonable even though palm oil prices came down significantly from the peak. Shipping performed well but palm oil refining margin was poor. 

Cash Flow & Balance Sheet The stable performance for the quarter led the Group to generate higher operating cash flows before working capital changes of US$756.1 million. With the decline in commodity prices and seasonal reduction in overall inventory balance during the quarter, working capital requirements for the Group decreased accordingly, leading to lower net debt of US$17.27 billion as of 31 March 2023 (31 December 2022: US$18.75 billion). Consequently, net gearing ratio for the Group improved to 0.84x as of March 2023 (FY2022: 0.94x). This led to the Group generating strong cash inflow from operating activities of US$2.17 billion in 1Q2023. At the end of the reporting period, the Group had unutilised banking facilities amounting to US$26.32 billion. 

Outlook Results for the quarter ended 31 March 2023 were satisfactory, despite the uncertain macro-economic outlook at the start of the year. With our diversified and integrated business strategies, we are cautiously optimistic that performance for the rest of the year will remain satisfactory. 

The company paid out Final dividend of 11 cents + interim dividend of 6 cents, total 17 cents for FY 2022. The current share price is $3.97, yield is about 4.28% of which I think is quite a decent yield!

Chart wise, bearish mode!

She may likely continue to trend lower!

Short term wise, I think likely to go down to test 3.90.

Breaking down of 3.90 plus high volume that may likely see her falling down further towards 3.75 then 3.46 level.

Please dyodd.

CapitaLand Ascott trust - PO opening for application on 16 to 24 August at 1.025 a share.

 Please take note of the PO application deadline! 

She is trading at 1.01 to 1.02 below the PO price. 

I have nibbled a bit at 1.01 aiming for kopi money!

Please dyodd.

 Wah, interesting moment!

Today XD/XR, will the price goes below the 1.00 price level! 

PP 1.043 and 

PO 1.025, this may present an opportunity to make some pocket money!

Not a call to buy or sell!

Please dyodd. 

It seems that the market doesn't in favor of this Private placement and Preferential Offering for the acquisition of new assets plus AEI.

The price has fallen off from 1.12 to touch 1.01 today.

It has fallen off 9.8% versus 1.8% dpu accretive. 

The acquisition is merely 1.8% dpu accretive. 

The current price of 1.01 is cheaper than the PO price at 1.025.

So, I think it make no sense to take up the PO offering. 

After XD on Thursday,  may be 0.99-1.00 is coming back! 

Please dyodd.

Genting Sing - Results is out, net profit increase more than 100% to 276m vs 84m last year, dividend increase 50% to 1.5 cents

 Genting Sing  - Results is out, net profit increase more than 100% to 276m vs 84m last year, dividend increase 50% to 1.5 cents.

EPS of 2.29 cents vs 0.7 cents last year. 

Healthy cash flow plus 3.4b cash on hands with net cash position,  solid.

I think good sets of financial numbers. 

Yearly dividend of 3.5 cents,  yield is 3.8%.

Not a call to buy or sell!

Please dyodd. 

CapitaLand Ascott (HMN.SI) - Today XD/XR, will she show us 1.00 or lower !

 Wah, interesting moment!

Today XD/XR, will the price goes below the 1.00 price level! 

PP 1.043 and 

PO 1.025, this may present an opportunity to make some pocket money!

Not a call to buy or sell!

Please dyodd. 

It seems that the market doesn't in favor of this Private placement and Preferential Offering for the acquisition of new assets plus AEI.

The price has fallen off from 1.12 to touch 1.01 today.

It has fallen off 9.8% versus 1.8% dpu accretive. 

The acquisition is merely 1.8% dpu accretive. 

The current price of 1.01 is cheaper than the PO price at 1.025.

So, I think it make no sense to take up the PO offering. 

After XD on Thursday,  may be 0.99-1.00 is coming back! 

Please dyodd.